Arguments contre la zone franc

Abstract

As inflation looks forever transactions, while, under the assumption of closed economy and Okun's law, we can consider that the ultimate goal of economic policy is to increase economic growth, about the debate on the suitable foreign exchange regime for Sub-Saharan African economies in the Cfa franc zone, we will examine in CEMAC, as representative of the Cfa franc zone, first, the teaching from the study of inflation (chapter 1 and chapter 2), secondly, the lessons from the study of economic growth (chapter 3 and chapter 4): in Chapter 1, the aim is to describe the strategy, of fighting against inflation, followed by BEAC, in a period of resurgence of inflation, after the devaluation of the Cfa franc in January 1994 and to check the idea, well established in the literature, of a monetary policy oriented toward the controlling inflation after the devaluation of the Cfa franc in January 1994, in Chapter 2, following Gali and Gertler (1999), we will examine the parameters associated to the neo-keynesian phillips curve of the CEMAC, because, those parameters describe the behavior of agents against price, we will have we will have some teachings about the inflation persistance in CEMAC, in Chapter 3, the aim is to study the effect on the cameroonian's economic growth of its real exchange rate misalignment, otherwise, episodes of appreciation or depreciation of the real exchange rate, because, we can show that the real exchange rate misalignment is an indicator of the stability or the instability of the macroeconomic framework, we will have some teachings about the sensibility of the cameroonian economy to the macroeconomic framework, in Chapter 4, the aim is to study the standard of living convergence.

Oscar KUIKEU is Doctor in economics from the University of Pau (FRANCE).

Meyer, L.H. 2000., « Structural change and monetary policy », Remarks before the joint conference of the Federal Reserv Bank of San Francisco and the Stanford Institute for Economic Policy Research, Federal Reserv Bank of San Francisco, San Francisco, California March 3..